Vinay Rajani
IRB Infrastructure Developers has risen more than 26 percent in the April with a significant jump in volumes. The stock price has given highest monthly close since July 2010, which is a huge development technically.
The stock has given a breakout from the long consolidation, held for the last 16 quarters, resulting in a breakout on the long-term charts.
Selected infrastructure stocks have been doing well for the last two-three months and IRB has now started participating from that segment.
Oscillators have been showing significant strength on the weekly and monthly charts. We recommend buying IRB for the upside target of Rs 325, keeping a stop loss below at Rs 250.
Disclaimer: The author is Technical Analyst, PCG Desk, HDFC Securities. The views and investment tips expressed by investment expert on moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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